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of <h1>New Section 79A Limits Loss Set-Off Against Undisclosed Income to Combat Tax Evasion, Effective April 2022.</h1> The Finance Bill 2022 proposes an amendment to the Act by introducing section 79A, which restricts the set-off of losses or unabsorbed depreciation against undisclosed income detected during search, requisition, or survey proceedings. This change aims to prevent tax evasion by ensuring undisclosed income is taxed appropriately, without allowing deductions for previously unaccounted losses. The amendment defines 'undisclosed income' as income not recorded or disclosed before such proceedings and applies from April 1, 2022, affecting the assessment year 2022-23 and onwards. This measure seeks to enhance tax compliance and increase deterrence against tax evasion.
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